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CNBC
Dec 26, 2012 1:00pm EST
america falling over the fiscal cliff? house republicans haven't yet called their members back to washington. our chief political correspondent, john harwood, is with us. john, this feels very much like it might be the calm before the storm in more way than one. >> it could be if we go over the cliff and the storm would be generated by the markets and the loss of confidence in american governance and the american economy, but that's not necessarily going to be the case. we still have a few days left. a white house official told me that there have been no progress over the last couple of days, but an aide to senator harry reid told me there's still a 50/50 chance we get a mini deal that would put off the effects of the cliff at least temporarily and a 50/50 chance of that happening before january 1st. so even though there's a small number of days, sometimes the urgency of a deadline forces lawmakers to overcome differences they can't overcome otherwise. >> remind us, john, a mini deal is composed in the senate but still has to pass through house republicans and boehner or not? >
CNBC
Dec 26, 2012 4:00pm EST
undone if we go over the fiscal cliff. >> i think clearly we've seen some healing in housing which is great and as has already been said we've seen some good progress over in europe and in china so that's all great. i'm neutral on equities in my allocation strategy fund, target rich funds and the reason for that is the fiscal cliff. if we go over the fiscal cliff then i think that given how lean companies are, and as slow as we're growing, we could see the economy dip back into recession and earnings estimates will have to go lower. >> the mastercard report on retail sales not good. the worst since '08, and you're concerned -- obviously there are those who feel that that's a result of people worried about the fiscal cliff, but you're concerned it could have an impact on housing which is one of the few bright spots in our economy as well, correct? >> the view here is that if we go over the fiscal cliff the concern is there's going to be a drain on income and thereby it will rayfect the housing recovery. 50 days since the election and in that 50 days the markets haven't been essentia
CNBC
Dec 28, 2012 5:00pm EST
in the fiscal cliff negotiations. but the white house clearly wants to have the business community in this country on their side politically. they view them as a potential ally in this putting pressure on capitol hill, republicans in particular, to move something over the weekend. but we're running out of time here. if they're back in town at 6:30 on monday -- on sunday, rather, that gives them sunday night and monday to try to pass something, not a lot of time in washington terms. >> okay, eamon javers, thanks so much for keeping us updated. let's bring in the rest of the options action crew and talk about the markets. mike not very good action today. closing at session lows and futures look to be rough on monday as well. >> yeah, it's interesting, when they filed out of the white house, this was post close, if you're looking at the mini futures, they dropped by about ten handles off that. a lot of disappointment among the futures markets at what isn't going on there. i think there's good reason for that, but it's hard to imagine what could have emerged from this that would have b
CNBC
Dec 28, 2012 4:00am EST
days before the u.s. goes over the fiscal cliff. speaker john boehner has called the house back into session sunday evening. house majority leader eric cantor is telling his members to be prepared to work through january 2nd. both sides are still far apart on taxes and spending cuts. harry reid says prospect deals by monday are unlikely. minority leader mitch mcconnell says there's still time for an agreement. >> republicans aren't likely to sign a blank check just because we find ourselves at the edge of the cliff. that wouldn't be fair to the american people. >> now, a new reuters poll shows americans blame republicans more than democrats or president obama for the fiscal crisis. and when asked who they held more response, 27% said the gop, 6% pointed to the dems and 30% said all of the above. for more on this, we're joined by christian schultz from barronberg bank. welcome. so we're going over the fiscal cliff. >> well, the consumer confidenc already be over the cliff in terms of confidence already. that might already be the first impact of the crisis of -- not of the crisis,
CNBC
Dec 27, 2012 4:00am EST
to avoid the fiscal cliff and no talks have been set. the senate is due in session today, but the house has no plans to reconvene. last week, house speaker john boehner said it was up to the house to act on extending unemployment benefits. as we work through all of this, we are happy to be joined by allen capper, head of credit strategy at lloyd's for the hour. welcome back. i guess we're still shaking off the christmas turkey tryptophan, i guess they call it, and yet it feels as though it's groundhog's day. >> yes. you say shaking off the christmas blues and we're shaking still waiting to hear what happened with this fiscal cliff. we knew they would take it to the wire. there's no surprises. what concerns me, this may stretch on until january. now, this is not the first time we've been in a situation like this in my career in the markets. the opportunity is clearly markets may sell off and then an accord has to be reached. i guess a lot of people will be seeing that. >> what are you seeing in credit markets right now? is there a sense they're looking at the strong off move? >> i think in t
CNBC
Dec 28, 2012 4:00pm EST
at the white house to avoid the fiscal cliff. we'll bring you the latest developments on that any minute now. >> also, we'll check up on health care, one of the year's best performing sectors. we'll find out if it's going to run out of steam in the new year and name some names for you coming up. >> and later on, big sky, big jump in estate taxes if congress fails to reach a deal on the cliff. we'll talk to a montana rancher who is pretty upset. coming up, montana's governor brian schweitzer is going to weigh in. >> looks like the meeting may have broken up. there goes nancy pelosi, and we are told now house speaker boehner may have already left, and, no, they are not talking to reporters. nancy is looking for her car to leave the white house, and we're not getting anybody talking to the reporters at this point, so maybe we'll get some -- and i'm told now the futures market in the after-hours pegs is extending the losses that we've been seeing in the last hour of trade. maybe we'll get eamon javers to get in front of the camera when we come back. stay tuned. [ male announcer ] at scottrade, w
CNBC
Dec 31, 2012 7:00pm EST
hours of falling off the fiscal cliff let's bring in our power house political panel. roger stone long time veteran republican are strategist and larry elder, author of the best selling book dear father and dear son. two lives eight hours. welcome and i'm going to say roger stone, should the republican ares support this bill as we know it now? i really think not larry, i think what you are seeing washington at it's worst. republicans in the senate cooling their heels where three guys are behind closed doors where they can tinker around the edges in a system that needs pro growth strategies. instead we are going to get a band-aid? no. i don't think the results will be as good as everybody thinks. it is time to deal you know with the entitlements. keith, listening to president obama today who was not at his new year's gracious and listening to harry reid who is effe effectual in everything he does, do you think the democrats would rather see us go over the cliff take the revenues and know the spending cuts and that is it? more money and more spending? >> i think the democrats want to mak
CNBC
Dec 30, 2012 7:30pm EST
in automatic tax increases and the spending cuts that are set to kick in on january 1st. that fiscal cliff and its potential impact on our economy brought lawmakers from both houses to washington for last-minute negotiations. concerns about the cliff spooked investors, the holiday shortened trading week was lighter in volume but higher in volatility. the worst decline of the month on thursday after a disappointing read on consumer confidence and some statements by congressional leaders. and yet, with one final trading day to go, all the major averages were still showing positive performance for the year of 2012. meantime, the u.s. is set to reach the debt limit on monday. that, according to treasury secretary tim geithner in a letter to congress, though, he did say he expects to take what he called extraordinary measures to extend the government's borrowing ability for another two months or so. and even your cup of coffee wants a deal on the fiscal cliff. baristas at the 120 starbucks in washington, d.c. were encouraged by management to add a shot of bipartisanship to their drink orders an
CNBC
Dec 24, 2012 4:00am EST
sector. and hoping to catch more of the housing uprise. but with the fiscal cliff looming, i was wondering if you would advise more defenseless strategy like consumer staples or something going into the new year. >> what i was thinking i told a friend of mine today conagra reported an amazing number. that's the kind of thing i would think about. nice yield. good growth. i think that's the best idea. why don't we go to brooks in ohio. brooks was here. brooks? >> caller: my question is about abbott, the split, how's it going down and which side are you on? >> good news today. the split will be included in the s&p which is why it was up. abbott is going higher. that's why my travel trust owns it. things seem dysfunctional in washington but even now it's better to be a buyer than a seller if you know where to look. "mad money" will be right back. >> announcer: coming up, the world is overflowing with information and tibco helps make sense of ones and zeros. while the market is up nice for the year, its stock is now down big. does today's turn to the green mean it's time to logon
CNBC
Dec 31, 2012 4:00pm EST
the fiscal cliff. it's mostly going to be about sandy relief money from the superstorm. the cliff will come up, but the source said we are not going over any potential deal because there isn't one and the senate hasn't acted yet. >> but even if they're intending to talk more about sandy relief, don't you think the fiscal cliff issue is going to kind of come up? >> of course it's going to come up, but my only point is the meeting -- that's not what the meeting is about. it's a further indication that -- from the house of representatives that they don't consider this thing ripe enough that they're going to bolt and move on it tonight. >> that'll please new jersey governor chris christie and governor cuomo of new york. but you don't think that's a head fake to try and lower expectations? or not to raise them needlessly on the fiscal cliff? >> look. >> we sound skeptical, don't we? >> yes. but we're not that far from 5:00. and we're not that far from midnight. knowing the way the senate acts, the fact the senate leaders have not announced a deal. i don't think it's a trech to say that the house
CNBC
Dec 31, 2012 3:00pm EST
cliff, are you saying you would rather go over the fiscal cliff than vote for tax hikes? do you think it's going to get past the house? >> i don't know if it will pass the house. and the president seems intransigent. he seemed put off on having to be back in washington, d.c. off his hawaiian vacation. but at the end of the day i think there'll be some washington deal that will raise taxes at a level that won't help jobs. the president didn't want to do the spending cuts side and just raise taxes. and that is just a deal. it's not a solution in my book. >> where do woe go from here, mya, to get what you would want as a solution? what next? >> i do think this is a lost opportunity on two fronts. that we're not replacing the fiscal cliff with a big comprehensive debt deal that would actually fix the problem. and it's a lost opportunity that we seem to be back in washington the same old finger pointing and blame game. and right after the election, i really was hopeful that members of congress would be able to come together and work out these hard issues. we're not there yet, but the fight's
CNBC
Dec 27, 2012 9:00am EST
vacation. now he will be,ing would out on this fiscal cliff. the senate is coming back and the house of representatives is going to have a conference call for all republicans later on today and then yesterday, we saw the secretary of the treasury, tim geithner, announced the $16.4 trillion debt limit is going to be reached by monday, that was a little bit surprising to people who haven't been following this kind of thing and raises the stakes for the fiscal cliff end game because the white house had wanted a debt ceiling deal as part of the overall deal here on the fiscal cliff. republicans have been resisting that by announcing the debt ceiling limit will be held on monday, ratchets up the pressure to include the debt ceiling piece in the final package, whatever that may be, but still not clear, carl, there is going to be a final package of any kind. one quick note, we saw the realism. pact in the real world of the debt situation. treasury announcing yesterday it has suspended the sale of state and local government securities, government series securities. so already, they are doing
CNBC
Dec 27, 2012 3:00pm EST
into this meeting coming up on sunday night and what he thinks about the odds of avoiding the fiscal cliff. that should be very interesting coming up. >> before the break, let's check out what this ceo from milwaukee thinks about the impending fiscal crisis. >> my name is rich moussen. i'm the president and ceo of badger meters. we have about 1,400 employees around the world. the fiscal cliff is scary and should be scary. another recession. higher unemployment. economic slowdown. tax money taken out of the economy. those are major concerns. we're going to have to react as a business and it could result in cutbacks. the fiscal cliff was meant to be something that nobody wanted to go anywhere near, and here we are about to go off it. we really need our elected officials to figure this out. come up with a reasonable compromise that keeps our economy growing and gives us some certain about the future so we can make our plans as business leaders. mine was earned off vietnam in 1968. over the south pacific in 1943. i got mine in iraq, 2003. usaa auto insurance is often handed down from generatio
CNBC
Dec 23, 2012 7:30pm EST
cliff, you've also got some strength happening talk to us about real estate and housing. you're so uniquely qualified to talk about this sector being a developer in so many cities. >> look, i think you look at housing and it's a bright spot in the economy and what's going to help propel our economy back. miami, for example. one of the first to go down steeply, along with las vegas. and we operate in both of those cities. prices are up in las vegas now, 7% and miami 8%. so you're seeing tremendous up side in housing. >> these are some of the areas that really plummeted. >> yes. >> yeah. so now they're coming back. >> san francisco is coming back, as well. miami roared back. miami's inventory is lower than it -- was in its peak. its price increases are happening more rapidly than during the last peak in the marketplace back in '06 when the market really peaked. >> fascinating. so how important is this for the overall economy that you're seeing these hot spots of real development and bursts of energy in certain cities? >> very important. because one, of course, as inventory shrinks an
CNBC
Dec 28, 2012 7:00pm EST
facing a crippling fiscal cliff in just three days, the president calls congressional leaders together and says, you fix it. no, he doesn't offer any new plan from the white house, no compromise. instead the president tells the senate to come up with a deal and the same senate that hasn't passed a budget in years. and the marks don't like it at all, 158 points now tanking and falling further in the after market and we'll have to see how asia opens on monday. it could be ugly. the headlines are falling fast and furious. we're all over it "the kudlow report" starts right now. >>> welcome. i'm michelle caruso-cabrera in for larry kudlow. a lot happened in just the last couple of hours. >> michelle, there's considerably more optimism after the white house meeting between the president and the four bipartisan leaders than there was earlier in the day. mitch mcconnell and harry reid say they're going to come out and try to hammer out a bipartisan deal that can pass the senate with enough republican votes to convince the house to act and even president obama who had been concerned that they w
CNBC
Dec 27, 2012 7:00pm EST
of washington tonight. the white house confirms there will be a face-to-face meeting on the fiscal cliff tomorrow. the president, speaker boehner, harry reid, nancy pelosi, mitch mcconnell will all be there. this could be the beginning of a real endgame for the fiscal cliff conflict. we will keep you updated on any new developments tonight and throughout the day tomorrow on cnbc. >>> now the american psychiatric association says it is okay to give antidepressants to people who are grieving over a recently lost loved one. again, these people are not diagnosed with clinical depression. these are people who have suffered a real loss. can a pill really help you with that? here now is beverly hills psychiatrist dr. carol lieberman. is this a good idea? >> thank you. the whole mental health system is actually falling apart and it goes beyond bereavement and depression. actually, bereavement has a lot of similarities to major depression or at least in some people's cases. the depression comes from loss. so whether it's the loss of a job or a loss of a relationship or a loss of a loved one there
CNBC
Dec 27, 2012 6:00am EST
dive. >> all right. so what can you leave us with? housing is good? >> fiscal cliff is bad. >> is that a net-net? >> i think the housing is good but the housing isn't great. everybody's talking about housing like it's going to carry us some place. it's just not going to drag. but it's not going to be a boost and i'm still very concerned about where the economy is going. >> is there any way that we've over -- sort of had too much anxiety and angst about the fiscal cliff or not? >> i don't think there's been much anxiety. and i talked to my brother and sister in suburban detroit. they're not in the financial world and they're always talking about the fiscal cliff. my wife has the same thing with her brothers and sisters, they're not in finance but it's what everybody's talking about. everybody's worried about it. but the experts tell us that we're not going to go over the cliff so they know it's there but they don't think we're going to go over it. so we'll see. >> i hope you're right. thank you for being here. >> coming up, is washington ready to go cliff diving? we're going
CNBC
Dec 28, 2012 3:00pm EST
are meeting at the white house as they work on last-minute negotiations to try to avoid the fiscal cliff. our eamon javers also reported just moments ago that treasury secretary timothy geithner is at the meeting as well. we're going to monitor that situation for you, and, of course, bring you all the latest developments on that. in the meantime, oil is up for the week, but ending on a down note today. cnbc's bertha coombs is at the center of all the action at the nymex. >> reporter: we're seeing oil back fractionally positive at this hour with thoseeadl crossing, but overall it was a somewhat down day after we got a disappointing report from the eia inventories delayed because of the christmas holiday. it was a smaller than expected drawdown in crude stocks, and also notable. we saw a $2 million barrel build when it came to crude stocks at the nymex hub in oklahoma. now at a record 49 million barrels to end the year. ironically we do have wti nymex up for the week, and it's actually been up for the last three weeks. part of the reason, we're seeing a number of funds and traders moving out of
CNBC
Dec 28, 2012 6:00pm EST
'd go over the fiscal cliff. >> spending cuts this is based on good intentions, a framework or agree to agree to spending cuts down the road and this is the criticism that historically, sort of ad nauseam, that there are those good intentions that never through. >> all of the republicans will hear grover norquist recite over and over, every time they promise spending cuts in exchange for tax hikes, the tax hikes came, the spending cuts never came. >> and how long will the road be in terms of what the subpoenaing cuts might or might not be? that will prolong the uncertainty in the market. and with the ceo conference call in the 6:00 hour, that should be very interesting. will we feel the effect of this in the first quarter earnings and gdp, other economic data points. >> it puts republican caucus in the house in the position of having to decide whether no deal is better than a bad deal. >> you know, melissa, if i could chime in, one thing, you didn't hear the president talking about the debt ceiling, and the treasury secretary says we'll start running up against the debt ceiling on mo
CNBC
Dec 31, 2012 1:00pm EST
house. we are told the president will address the country shortly on the fiscal cliff. as we await what will be presumably a market address, let's start shuffling through where we are in a moment. we kick off with mary thompson on the floor of the new york stock exchange. mary? >> john harwood has been reporting throughout the morning and gifting lift throughout the day, the dow off 54 points and we are seeing gains in material stocks and also tech stocks getting a nice bid into today's session. you can see the gyrations in the broader market reflecting different headlines we've seen coming out of washington throughout the morning. taking a look at the chart of the s&p, i'm just pulling that up for a couple of reasons. we are heading into the month that the s&p is down for the month of december and down for the quarter. when the s&p is down for the quarter, typically 70% of the time that doesn't bode well for the first quarter of the next year. we are talking about stocks bertha has been talking about. the expectations is there are some delays to automatic spending cuts that would have
CNBC
Dec 26, 2012 7:00pm EST
. we acted to put off the fiscal cliff several months ago with a bill that without objection tend all of those bush tax rates into the future and would turn off the sequester by switching defense cuts over to domestic programs. democrats, of course have no intention of doing that. especially after president obama won the election. senate democratic leadership aide tells me that will remains a 50/50 chance we will get a mini deal temporary extension of tax cuts under $250,000 before the january 1 deadline when we would go over the cliff. will are no assurances of that. a white house official told me as president obama prepares to fly back to conduct and participate in the negotiations at the end, there has been no progress over the holiday weekend. michelle, i'm afraid that people who are looking for a deal and looking for a deal by december 31, all hope is not lost. it is not looking good at the moment. >> let's go back to this hitting the debt ceiling on monday. we learned of this because treasury secretary tim good night mother sent a letter to the honorable harry reid majority lead
CNBC
Dec 26, 2012 5:00am EST
quietly working with senate democrats to come up with a plan to avoid the fiscal cliff, but little progress has been made. >>> a chinese ratings agency is putting the u.s. on negative watch citing troubles with long-term debt issues. on a statement on its web site, global credit says each political party insists on the proposition favorable for its own interest. it expects u.s. debt to rise to 105% of gdp this year and warns the country will probably fall into recession in 2013 if there's no resolution to the fiscal cliff. last year, it cut u.s. treasuries from a to a-plus with a negative outlook. >>> and the holiday shopping season is drying to a close. early numbers suggest what started out strong is ending with a whimper. mastercard spending pulse unit estimates sales rose .7% over the past two months, which would be the weakest pace since 2008 during the financial crisis. many analysts had expected sales to rise 3% to 4%. several events may have, of course, pushed consumers to spend less this season including hurricane sandy and concerns about how tax hikes from the fiscal clif
CNBC
Dec 28, 2012 9:00am EST
to talk about between the cliff and other news. >> three days before the u.s. goes over the fiscal cliff, congressional leaders will meet with the president this afternoon. i remember standing on the white house north lawn last month, after leaders met with the president back then. things looked pretty promising. here's what they said after that meeting. >> i believe that the framework that i've outlined in our meeting today is consistent with the president's call for a fair and balanced approach. >> i feel confident that a solution may be in sight. >> it was a constructive meeting. we all understand where we are. >> we feel very comfortable with each other and this isn't something we're going to wait until the last day of december to get it done. >> isn't that special? now we're in the last days of december. and with just three days to go, the rhetoric has changed in the beltway. these are the latest comments. >> republicans aren't about to write a blank check for anything senate democrats put forward, just because we find ourselves at the edge of the cliff. that wouldn't be fair to the
CNBC
Dec 24, 2012 6:00am EST
, no fiscal cliff resolution, joining us from pittsburgh, tony fratto, hamilton play strategy's managing director and former white house press secretary, also a cnbc contributor. and from d.c., kiki mclean, porter novelli, who had a much better outcome for the redskins, kiki, and i -- i'm sorry, i have to start with that. i already know -- >> you have to. >> i'm not a cowboys fan -- >> oh, you are? >> yeah. >> i had to do that with tony. tony is going to say something about titletown. you always do that when i say something about pittsburgh. i'm from cincinnati. how are you going to defuse this -- >> i'm not. the thing about football, joe, is that the better team always wins. and your team played a terrific game yesterday. they made fewer mistakes. didn't score an offensive touchdown in doing it but you go to the playoffs, and i wish you great luck, actually. >> you know what? >> at least it's not baltimore. >> you know what, tony. it's obvious you're a republican strategist because you've had to give this speech a lot recently, about the better team winning, and we got to just accept de
CNBC
Dec 27, 2012 5:00pm EST
in another attempt to agree on a fiscal cliff deal. amon j eamon jav everyoers has the sto. >> i'm keeping an eye on my iphone here, i just got an e-mail from a source that says there might be even further news this evening, so, waiting for a status update on that. but we did get some news today and that news, as you say, was that the house of representatives is going to be called back early. they are coming back on sunday at 6:30 p.m. what they're going to do when they get here, we don't have any idea. but we had a fascinating series of dueling press conferences, dueling floor speeches, i should say, by senate republican and democratic leaders. the republican leader, mitch mcconnell, really put the blame on democrats, but he did seem to indicate that there may be further negotiations that are ongoing here, possibly even as we speak. take a listen to mitch mcconnell earlier this afternoon. >> the truth is, we're coming up against a hard deadline here and as i said, this is a conversation we should have had months ago. and republicans aren't about to write a blank check for anything senate
CNBC
Dec 24, 2012 9:00am EST
on vacation. washington lawmakers are on holiday. there's still no deal to avoid the fiscal cliff. the deadline is a week away. hampton pearson is in washington on the stalemate. >> as early as the day after christmas, congress and the white house will have to start to deal with what president obama called the real consequences of going over that fiscal cliff. >> nobody can get 100% of what they want. and this is not simply a contest between parties in terms of who looks good and who doesn't. there are real world consequences to what we do here. >> a short-term deal won't just focus on tax rates. the end of the payroll tax cut and the impact of the hike in the minimum tax on january 1st. over the weekend, we did hear from some republican moderates who say it may in fact be time to make some kind of a move. >> the president's statement is right, no one wants taxes to go up on the middle class. i don't want them to go up on anybody. but i'm not in the majority in the united states senate and he's the president of the united states. >> now the focus shifted to mitch mcconnell. the se
CNBC
Dec 27, 2012 4:00pm EST
of the fiscal cliff here is not risk off. it's risk protation into those areas of the investable landscape. look at emerging markets, lock at europe. they are decoupling. if anything, price is still very bull ir. i would rather listen to price. >> why do you say it's still very bullish? >> they recovered almost completely the loss which means the markets thinks tax puts will still be in play. the market is saying it's okay, you know, we've had an increase in market cap this year in the s&p 500 over $1 trillion. >> right. >> that's more than the cliff. >> let me go to my facebook friend michael carr. you speak washington ese. the house is convening. the president is -- >> doesn't it just make you sick? >> the were inthing you want to watch is eachon javers. i thought it was a perfect graphic. it's fabulous. you can't make it up. >> what do you do when you don't know what's going to happen, and you really don't. if you can get the debt limit thing right and guess how it's going to turn out or guess that it's actually going to do something, all evidence to the contrary, how would you invest, and wh
CNBC
Dec 28, 2012 1:00pm EST
the talk of the fiscal cliff but the thing that's actually driving us off the fiscal cliff is our debt and the explosion in the entitlements and yet that's the very thing we avoid dealing with. you ask about what we should do? look, those on the republican side on the house have voted for the ryan budget and others which actually gave a vision of how to put market forces into entitlement spending. if you don't like the idea, give us another suggestion, but don't do what nancy pelosi has done where saying spending cuts are off the table. in that case we're negotiating with ourselves again. >> i'm sorry, we have to leave it there. congressman, have a pleasant flight back across the country tomorrow evening. >> it's always a joy. >> all right. >>> let's hear from the other side. representative allyson schwartz is a democrat from pennsylvania. michelle, jump in. >> she sits on the ways and means and budget committees. thanks so much for joining us, representative. you just heard that whole discussion. why is it, madam, that the democrats seem so resistant to any kind of reform to entitleme
CNBC
Dec 26, 2012 5:00pm EST
into next year. first, to our top stories. five days to go until the fiscal cliff and the heat is turning up on both sides of the aisle. house speaker john boehner says the senate needs to act first. meantime, just about 40 minutes ago, tim geithner said the u.s. is simply running out of money. let's get the latest on this game of chicken from c nbc's chief political correspondent, john harwood. john? >> melissa, i want to bring you up to date on the fiscal cliff developments. first of all, as you mentioned, secretary geithner has informed the senate that the united states government will hit its debt ceiling on monday. that is december 31st. now, that doesn't mean that anything happens immediately, because the treasury can take various steps to postpone the moment of reckoning, probably a couple of months. it's still significant. that's an effort to pressure congress. secondly, the house republicans have met, leadership has met, sent a letter to democrats saying the house has acted, now it's up to the senate to act. that's, of course, the m theic-controlled senate which has no intention of
CNBC
Dec 26, 2012 9:00am EST
to previously. i think that's a bigger item than the fiscal cliff. the long-term question about taxes is clearly the mortgage deduction. given they haven't even got to the headline items for the fiscal cliff, they won't get to the mortgage deduction for a few weeks, if not longer. >> finally, david, shadow inventory. we hear a lot about it, talk a lot about it. it doesn't seem to be the concern some anticipated, at least when we go back to 2012, 2011 to current. >> to some extent on a national basis, i think the shadow inventory story is a little bit overdone. i think it's gradually being worked off. foreclosures have been -- or the number of homes in foreclosure have been declining in the last several months and i think are likely to continue to decline. localized areas it can be a big problem, but nationally, i think it's a little bit overdone and a bit overstated. >> david, we're going to leave it there. david blitzer, s&p's managing director of the s&p 500 index committee. >> thank you. >> who will be celebrating the day after christmas? the bulls or the bears? the traders' take ahead of the
CNBC
Dec 31, 2012 6:00am EST
in and the pentagon will be forced to cut $9 million in spending. >> if lawmakers can't avoid the fiscal cliff, they may be able to avoid a different cliff, the dairy cliff. house and senate members appear likely to extend farm legislation for a year, a deal that would keep milk prices skyrocketing in january. we were worried about $6 gallon of milk. it could keep a decades old subsidy from coming back to life. the usda would be forced to buy milk at prices well above what farmers were getting now if the subsidy was revived. it could double the price of moib to $6.12 a gallon. >> markets have been reacting to each move on capitol hill, but obviously, things at this point are looking like the dow would open down by about 7.5 points. the dow is off 67 points and the nasdaq is down 14.75 points. all the surprised given the late hour that -- >> even if something doesn't happen today, it happens in two or three days. >> right. so if you were looking for a market reaction because a lot of the market iraqis we've heard has said, if highways the case, near not getting it base odd what they're going to
CNBC
Dec 26, 2012 6:00am EST
. >> there's the looming fiscal cliff and session of the senate set for tomorrow. the house has nothing on its schedule for the week but members have been told they could be called back with 48 hours notice. meantime, president obama going to fly back from vacation in hawaii today. john joins us in washington. john, is this trip by the president more than just window dressing? is there a chance he's here to actually do something? >> first of all, merry christmas to everybody and happy holidays. i think this is not window dressing. there is a chance they will negotiate a deal, most like l l mini deal that will temporarily resolve the issue. there is a chance something will get done and the chairman of the budget committee is holding out hope to do that. he's come back because the president doesn't want to be out in hawaii vacationing while members of congress decide up or down on a deal. >> it will be left in the -- he left in the first place knowing he would have to come back. not like he didn't know this problem existed on sunday? >> right. but he wanted to celebrate christmas home wit
CNBC
Dec 27, 2012 12:00pm EST
harry reid said america is probably going over on the fiscal cliff. what will that mean for you? >>> home prices heading for their first annual gain since 2006. has house iing finally turned t corner. will 2013 be the year for shopping? right now, back to scott for the home report. >> thanks. >>> shares of amazon surged 22% this year but is it over? murph has info on this. >> the last time amazon got over to these levels and rolled over, it traded at $218 range. expecting some weakness due to the cliff, we shorted the stock and more today. there's too many things working against amazon, 500 times earnings. we're also long apple ten times earnings. amazon is fighting many deficit fronts, fighting google, netflix, fighting apple. when eventually everything comes home to roost, amazon will have their rollover period. when it gets down to the 218 range, we welcome take some off but i think it will go over and crack the $200 level. >> you wont to go an that one? >> no. i think it could have trouble going forward and perhaps that outage on christmas eve on netflix showed the kink in t
CNBC
Dec 24, 2012 5:00am EST
.s. lawmakers are pointing fingers after a lack of progress in talk toes avoid the fiscal cliff with a deadline looming just a week away. on friday, president obama said he still hoped to work out a short-term fix with house speaker john boehner to keep taxes for 98% of americans from going up on the first of january. but both sides, though, they're not talking and congress is in recess until after christmas. some democrats are still hopeful that a deal can be reached, but the republicans, they're not holding out hope. >> i would hope that we would have one last attempt here to do what everyone knows needs to be done, which is the larger plan that really does stabilize the debt and get us moving in the right direction. >> if we go down to the end of this year and the only choice we have is to save taxes going up on the middle class, then i would support that. but i wish we would have a comprehensive bill that dealt with spending, dealt with entitlements and dealt with taxes altogether. >> i believe the president is eager to go over the fiscal cliff as he senses a victory at the bottom of the cl
CNBC
Dec 24, 2012 12:00pm EST
to get our fiscal house in order, are you of like mind how you feel about this? >> i'd like to avoid going over the cliff. i do concur with mr. greenspan that i think this fiscal cliff is a classic, washington, dysfunctional manufactured crisis. we created this. the bigger cliff is the fact that this country is broke. we're beyond $16 trillion in debt and unless we get serious and get our hands around that our kids and our grand kids will never recover. >> congressman, what are you looking for? you said you're unlikely to support a deal made by the president and speaker boehner. so what is it that you want that you're not getting? >> what i won't do maria is vote for any tax increases on small business, on any american. we've already voted in the house to extend the bush tax rates for every american. we've done that twice. in the senate, they've voted to extend the bush tax rates for people below $250,000. i can't support that, but why not bring both bills up before the house and see which one the house and the senate will support? >> but with such a stringent attitude, i mean, you'r
CNBC
Dec 31, 2012 9:00am EST
trading session for 2012. and it comes, of course, with the add eed drama of a fiscal cliff set to take place 15 hours from now. i'm carl, with melissa lee. cramer and faber are off today. good morning to you, dan. >> good morning. >> the house gaveling into session just a few moments ago. business there is going to start at 10:00 a.m. eastern time. futures are showing some resilience as becky said, despite no deal yet in congress. but remember, the sell-off on friday and friday night was pretty severe. the dow is set to open below 13,000. markets in europe mixed after a shortened session in the uk, france and spain. our road map starts right where we were months ago, waiting for the 112th congress to agree on a debt reduction package. the senate convenes at 11:00 a.m. >> the dow had its worst day in a month on friday. set to close december with a loss. the question is, does it continue to sell off if there isn't an accord in congress. >> we will always have china. manufacturing pmi data from last night is the best in 21 months. can we finally say the chinese economy has been stabilized
CNBC
Dec 28, 2012 12:00pm EST
the fiscal cliff. >>> from shopping season to returns season. i've been doing a little bit of that. we'll show you why returns are expected to jump by more than 30% this year. the one thing, the one thing that could derail the social media powerhouses in 2013. find out what it is today on "power." meantime, "halftime report" returns after this. [ indistinct shouting ] ♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ] ...you'll bust your brain box. ♪ all on thinkorswim from td ameritrade. ♪ >>> welcome back. all eyes have been on the yen as it's been sinking versus the dollar hitting a fresh two-year low just today. lets gait your money in motion trade now. boris joins us from b.k. asset management. >> good to be with you. >> everybody in their brother it seems is getting on this train. >> yes. >> it's getting a little crowded, isn't it? >> it is getting a little crowded. i still like the trade. i think the trade is very sustainable into 2013.
CNBC
Dec 26, 2012 3:00pm EST
enough yet? >> not yet, not yet. got the fiscal cliff issues which you've talked about a lot here. >> yes, we have. >> jobs coming out on friday. morgan stanley looking for 185,000. basically the housing market, you had the case schiller numbers today. it's looking a little bit better. you got that in the plus column.
CNBC
Dec 31, 2012 4:00am EST
them from coming up the way they have been. regardless of what happens with the fiscal cliff, we'll see these periodic fights over the budget ceiling or the deficit ceiling and it's going to happen repeatedly and the house is going to hold this over the administration and the treasury department and so the more i look at it, the more i'm becoming concerned that this is just some kind of ongoing, ugly process that has no real end in sight. >> and we will leave it on that note. stay with us. coming after the break, we want to talk specifically about municipal debt which has been one of the areas that perhaps has been under cover but has seen an impact as the fiscal cliff approaches. congress may be able to avoid the starry cliff. they're set to temporarily extend the u.s. farm bill. the move would keep a long dormant milk subsidy from coming back to life when the current bill expires today. under a new law, the milk could be forced at prices well above what farmers are getting now if that subsidy was pushed aside. let's get a look at what's on the agenda this week in the u.s. there is no
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